ArcelorMittal South Africa, a unit of the world's top steelmaker, has increased steel prices effective November 1, the company said on Monday.

The steelmaker said prices for flat steel products would increase by between 3 and 6 percent, depending on the product, while prices for long steel products would be raised by between 4 and 8 percent.

The company said last week that higher costs and lower steel prices hit earnings in the three months to end September.